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Illinois Sports Bettors Set A New Record In October Wagering An astounding $1.1B

Quick Intro

Illinois sports betting achieved a significant milestone in October 2023, setting a new state record for the total dollars bet in a single month. This achievement surpassed the previous record established in September, indicating a rising trend in sports wagering activity within the state.

The total betting amount in Illinois for October not only set a state record but also positioned Illinois as the third-highest state in terms of sports betting nationally, trailing only behind New Jersey and New York.

Illinois Bettors and Sportsbooks Establish New Benchmarks in October

The activity of Illinois bettors in October 2023 was unprecedented, as they engaged more than ever in legal sports betting, making it the busiest month on record. This surge in betting activity also translated into significant revenue for sportsbooks, marking a new high for the state’s legal sports betting industry.

Consequently, the tax revenue generated from sports wagering in October 2023 also reached a new peak, setting a single-month record for Illinois. This robust performance suggests that the state’s sports betting industry might be on track for a record-breaking fiscal year.

Revenue During The Past Years

Adding to the context of the Illinois sports betting scene in October 2023, several additional points are noteworthy:

  • Cumulative Revenue Growth: Throughout the first ten months of 2023, Illinois sportsbooks have garnered just over $800 million, marking a substantial 30.1% increase compared to the same period in the previous year​​.
  • Tax Revenue Increase: October saw an upswing in tax revenue from adjusted gross revenue in Illinois, reaching $16.9 million. This figure surpasses September’s almost $13.9 million and the $16.35 million recorded in October 2022​​.
  • Individual Sportsbook Performances: DraftKings set a new record for monthly handle (total bets) for a single sportsbook in Illinois, with $426.5 million wagered in October. Despite a 9% hold, it ranked second in revenue with $38.8 million. FanDuel, with $402.7 million in wagers and a higher 10.8% win rate, led in revenue with $43.3 million​

Final Thoughts

Illinois’ sports betting landscape in October 2023 reflects a dynamic and growing market, with record-breaking performances by individual sportsbooks like DraftKings and FanDuel. The substantial year-over-year growth in overall handle and tax revenues indicates a maturing and increasingly lucrative market. These trends, exemplified by October’s figures, showcase Illinois as a major player in the US sports betting industry, with potential for continued growth and expansion.

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